FDIC fails public w long history of not acting on whistle-blowing complaints.
If feedback is ignored, innocent fraud drifts into Control Fraud territory, simply by statistics. Public Purpose is pursued only with guidance by completely democratic feedback. Once off that path, everything else is public fraud, by definition.
We should not even have an FDIC. Instead, the monetary sovereign ITSELF should provide a risk-free storage and transaction service for its fiat that makes no loans (leaving that to individual account holders if they so desire) and pays no interest. And that service should be free up to normal household limits on account size and number of transactions.
ReplyDeleteOf course, we first need a universal bailout with new fiat until all deposits are 100% covered with reserves so the massive bank runs when government deposit insurance is cancelled can occur smoothly.